Say that I am married and have a wife going through college.
2007-12-02 16:56:08 · 6 answers · asked by bob d 2 in Business & Finance ➔ Taxes ➔ United States
You'd owe about $550 for federal income tax, and also have 7.65%, or about $1760, taken out for social security and medicare. Depending on where you live, there might also be state and/or local taxes.
File a joint return with your wife. If your wife is paying college tuition, on a joint return you can take an education credit also, which should wipe out some or all of the $550.
2007-12-02 18:53:17 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
23,000 a yr. You work three months to pay off you tax obligation, so that would be, (scratching head) 5,750 for the year. Your grossing roughly 442.30 a week and after taxes you might be bringing home with your dependents about 363 bucks. So your weekly obligation to Uncle Scam should be about 79.30 cent. ASSuming you don't have health care. This is for entertainment purposes, I have no idea what the fluke I am talking about. (P.S. Lesson for today? Stay in school so you can make more than 11 bucks an hour.) Take care and GOD Blizzes Yo.
2007-12-02 17:08:17 · answer #2 · answered by Carlito W 2 · 0⤊ 3⤋
Hm...one income, standard deduction, two people.
$23000 - $10,700 - $6800 = $5500 taxable.
At 10%, tax of $550. With an education credit, you may get all of it back...at the IRS level.
2007-12-02 17:05:03 · answer #3 · answered by Anonymous · 2⤊ 1⤋
Social Security tax at 7.65%, and almost nothing else.
2007-12-02 17:02:28 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You're probably looking at 10-15% taxes...which is about 2300 to 3000 or so...
2007-12-02 17:03:59 · answer #5 · answered by sivdog21 3 · 0⤊ 2⤋
There is a website that will calculate exactly what will be withheld from your checks: paycheckcity.com
2007-12-02 17:43:09 · answer #6 · answered by rkeech 5 · 0⤊ 0⤋